Partnership Tax Returns, Setting the Record Straight
A partnership is formed by two or more people who join together to carry on a business.
Each partner contributes capital, skill and labor to the partnership, and in return they are entitled to receive a share of the income it generates.
All partners must complete their own individual income tax returns, as well as one overall partnership tax return that is lodged with the Australian Taxation Office (ATO).
I was getting swamped with paperwork and overdue letter and penalties means I had to find someone that understands small business and takes care of everything. Zak at Assuris FIG were recommended to me and couldn’t be happier. They take care of tax work, my books and payroll. They even help me with my takeaway food menu and prices. Love you all
Long day care and kinder is exhausting to own and run. Zak understands business and our industry requirements. Was impressed with his knowledge of VYLF. I save so much time with paperwork and payruns, I can catch my breath, already recommending you to my friends in early childhood education. Thank you!!
Highly recommend Zak at Assuris Fig. Professional and methodical in his approach and very personable. Leaves no stone unturned to ensure that my tax return is done right.
Managing a residential and commercial electrical business is long hours, between customers and my team we are constantly on the pump, Zak and the Team at Assuris FIG take of it all, one bill each month and always there when I have a question. Recommend to all tradies 100%
Finding Assuris FIG business accounting was a blessing for my business. As an online retailer, I needed accountants who understood e-commerce, and they exceeded my expectations. Their all-in-one service is comprehensive, and their insights have been crucial for our growth. The fixed monthly fee helps with financial planning, which is so important in retail. Their team is always there when I need them. If you want accountants who respect your values and make time to understand your unique needs, Assuris FIG is the way to go!
A pizza shop is one thing, but dealing with numbers? That's a whole other recipe! Assuris FIG has made it as easy for me. They take care of everything, just like our secret family sauce takes care of the flavor. Their fixed monthly fee is perfect for budgeting, just like how we order our ingredients. Zak from their team has become part of our family! If you want your business finances to run smoothly, Assuris FIG is your perfect partner!
Exceptional service! I've been relying on zack for all my accounting needs, and he’s consistently exceeded my expectations. Zack is highly knowledgeable, efficient, and always goes the extra mile to ensure my financial matters are handled with precision. Whether it's tax preparation or financial advice, he delivers top-notch results. I highly recommend zack at Assuris FIG accounting to anyone seeking professional and reliable accounting services.
Running a salon is all about making people feel good, but dealing with finances used to make ME feel bad! Assuris Accounting changed all that. They handle everything - taxes, payroll, you name it. Their bookkeeping fits right in with how I like to do things. Thank you for making ME feel good!
As a designer, I appreciate when form meets function. Assuris FIG's service is just that - beautifully efficient! Their all-in-one package covers everything, and their business insights have helped shape our growth strategy. The team is fantastic, especially Zak who always goes the extra mile. To my fellow creatives: if you want your finances to be as well-designed as your products, Assuris Accountants are the perfect fit!
Zak is incredibly professional and knowledgable. He helps me and my partner with our individual and business tax accounting. I only moved to Australia 2 years ago, so the tax system here was very complicated for me at first -- Zak helped me navigate that with ease and made sure that I can get every dollar of tax refunded that I'm eligible for. He is laser-focused on growth and compliance. Zak is an expert in all things accounting and is professionally very encouraging as I build my career in a new country. Zak is also quick to respond to emails and happy to jump on a call when we have questions. He's our go-to, trusted advisor.
Zak and the team helped so much put my books in order ofr my tyre business. I loved their business insights package which help show opportunities to grow and manage costs. Gold star team!
We have a high volume ecommerce business that is doing well, Zak understood the space and the helped with various app integrators for shopify ebay and amazon explaining it simply. I can focus on my business knowing assuris fig looks after my tax accounting and payroll
As a health practitioner running a clinic means we really don’t have time to juggle tax compliance. Zak and the team at Assuris FIG really makes it easy, they sort everything out inclkuding payroll, great value and amazing service. Thank you
Wow, I had such a great experience their customer service was top-notch and they fixed up my issues in no time. I was really impressed with how quickly they handled everything. Overall, it was a fantastic experience and I highly recommend their services
He is very professional and always available on phone to help you out. He is really good, reliable and punctual in his work. He provides affordable service. Highly recommended....
They are very knowledgeable in tax and accounting. Very helpful , kind and professional. I’m very happy with the services I receive every time. would highly recommend their service to everyone.
Had an amazing experience, treated me really well and helped me with all my needs and services, I recommend him for all your needs, amazing service 10/10!
Mon Dieu! Taxes used to make me feel like I was lost in a cave of numbers. But the team at Assuris? They're like a bright light guiding me through! Their service is, how you say, 'tout compris' - everything included. They make it so easy, thank you
In the fast-paced world of franchise fast food, having reliable accountants is crucial. Assuris FIG has been our financial co-pilot from day one! Their all-in-one service and fixed monthly fee have been perfect for our cash flow. The business insights they provide have been invaluable for our investors. Huge shoutout to Zak for always being available.
Owning an eco-friendly business, I wanted accountants who shared my values. Assuris FIG exceeded my expectations! Their paperless system aligns perfectly with our ethos. The payroll service is efficient, and their business insights have helped us grow sustainably. Just what we need, give them a go
Expanding my coffee shop business was exciting but financially daunting. Assuris Accounting has been a partner for success! Their comprehensive service and business insights have been crucial for our growth. The fixed monthly fee is perfect for budgeting. I just love these guys.
Staying on top my agency and keeping track of my finances was a nightmare until I found Assuris FIG Accounting. Their service is worth every penny! They've made tax compliance a breeze, and their insights have helped me price my services better. The team is super approachable and cool
Having a trades business with employees going from site to site keeps you on the pump. Assuris FIG keeps all my finances nuce and tidy, good value great support. Thanks
Running a pizza and pasta restaurant is very busy. No time for numbers. Assuris FIG makes it easy. They do all work, I just cook. Pay same every month, very good for planning. Zack is very kind, explain everything simple. If you busy with business like me, Assuris Accountants are very good choice. Recommend
Before Assuris FIG, I deal with many tax agents and bookkeepers more stressful than leg day. Now these guys do everything for my 4 gyms tax, bookkeeping and payroll. Zacc help me grow membership with consults on how to price and promote. keep up great work.
I was struggling with managing my finances alongside creating my jewelry and running an ecommerce business. Assuris FIG has been a game-changer for me. They takes care of everything, allowing me to focus on my craft. The business insights they provide have helped me make smarter decisions for growth. I've recommended them to my family and friends without hesitation. If you're looking for accountants who truly care about your business success, highly recommend Assuris FIG
My auto mechanic business is busy, and doin the books never happens. Assuris FIG has been a godsend. Their bookkeeping service fits right in with how I like to run things - no fuss, They're always there when I need them, especially sorting out apprentice rebate. Zak on their team is a legend, always up for a chat and explaining things in plain English. give Assuris FIG a go, Highly recommended
Ay, manejar los números no es mi fuerte, you know? But Assuris Accounting make it so easy! They do all the complicated stuff, and I just bake my cakes. The payroll service is fantastic - my employees always get paid on time. And Zak from their team? He's un angel! Always patient with my questions. If you're like me and numbers give you a headache, trust me, call them!
As an IT consultant, I appreciate efficiency and expertise. Assuris FIG Accounting delivers both in spades. Their business insights have been instrumental in my company's growth. The fixed monthly fee via direct debit is convenient and helps with cash flow management. I've had the pleasure of working with Zak, who is both knowledgeable and approachable. If you want to focus on your core business while having peace of mind about your finances, Assuris FIG is the way to go.
Running a barber shop is crazy busy, and I used to stress about taxes and stuff. AssurisFIG made it all chill. They do everything for me, and I just pay a fixed price each month. No surprises, which is dope when you're trying to budget. Shoutout to Zak in their team - he's always got my back. If you're hustling with your own biz, these guys are the real deal. Get on board!
As a small business owner, I was drowning in paperwork and tax worries. Assuris FIG saved the day! Their all-in-one compliance package is a lifesaver. I love how they handle everything, giving me more time to focus on my passion - fashion. The team is super friendly too who always explains things in a way I can understand. If you're a small business owner feeling overwhelmed, don't hesitate to give the team at Assuris a call!
The team at Assuris are knowledgeable and super helpful. They helped me prepare for next tax season to maximise my deductions. Great support and amazing value! Thank you.
The team at assuris FIG are knowledgeable and helpful. They really listened to what I need and made it happen in a easy way for me. The service is great value. I highly recommend!
A great deal of gratitude to the assuris FIG team, particularly Zak, who's been nothing short of fantastic. The team has done a fabulous job in helping us with Tax Planning and Business Strategy, and taking care of all of our Business Tax needs. I absolutely recommend these guys!
Assuris FIG Accounting are simply amazing. Always provide myself and my business with high end quality service. Friendly and professional and have always provided the best advice for me to run my business. Highly recommended.
Since teaming up with Zak for our accounting services he has gone above and beyond for our business. Taking the time to structure and personalise our accounting platform to our business needs which has made everything really easy. Professional, Reliable and trusting I would highly recommend Zak to any business. Thank you.
Professional and down to earth, Zak helped me set up a tax effective business structure, and patiently explained every question I had. I highly recommend. He is flexible with his hours and parking is convenient.
Really grateful for his help and patience! Zak really took the time to go through everything with me and explained the parts where I had questions. Tax return done without any complications. I will recommend him to all my family, friends and colleagues. Thank you Zak!
Thank you Zak for your service, I liked the follow up, I'm very happy I changed over to you I will definitely recommend you to my friends and family. Thank you.
I use Zak for my personal tax returns and for the business. I am extremely happy with the service he provides. Zak is professional, punctual and responsive. I highly recommend using this accountant.
I was getting swamped with paperwork and overdue letter and penalties means I had to find someone that understands small business and takes care of everything. Zak at Assuris FIG were recommended to me and couldn’t be happier. They take care of tax work, my books and payroll. They even help me with my takeaway food menu and prices. Love you all
Long day care and kinder is exhausting to own and run. Zak understands business and our industry requirements. Was impressed with his knowledge of VYLF. I save so much time with paperwork and payruns, I can catch my breath, already recommending you to my friends in early childhood education. Thank you!!
Highly recommend Zak at Assuris Fig. Professional and methodical in his approach and very personable. Leaves no stone unturned to ensure that my tax return is done right.
Managing a residential and commercial electrical business is long hours, between customers and my team we are constantly on the pump, Zak and the Team at Assuris FIG take of it all, one bill each month and always there when I have a question. Recommend to all tradies 100%
Finding Assuris FIG business accounting was a blessing for my business. As an online retailer, I needed accountants who understood e-commerce, and they exceeded my expectations. Their all-in-one service is comprehensive, and their insights have been crucial for our growth. The fixed monthly fee helps with financial planning, which is so important in retail. Their team is always there when I need them. If you want accountants who respect your values and make time to understand your unique needs, Assuris FIG is the way to go!
A pizza shop is one thing, but dealing with numbers? That's a whole other recipe! Assuris FIG has made it as easy for me. They take care of everything, just like our secret family sauce takes care of the flavor. Their fixed monthly fee is perfect for budgeting, just like how we order our ingredients. Zak from their team has become part of our family! If you want your business finances to run smoothly, Assuris FIG is your perfect partner!
Exceptional service! I've been relying on zack for all my accounting needs, and he’s consistently exceeded my expectations. Zack is highly knowledgeable, efficient, and always goes the extra mile to ensure my financial matters are handled with precision. Whether it's tax preparation or financial advice, he delivers top-notch results. I highly recommend zack at Assuris FIG accounting to anyone seeking professional and reliable accounting services.
Running a salon is all about making people feel good, but dealing with finances used to make ME feel bad! Assuris Accounting changed all that. They handle everything - taxes, payroll, you name it. Their bookkeeping fits right in with how I like to do things. Thank you for making ME feel good!
As a designer, I appreciate when form meets function. Assuris FIG's service is just that - beautifully efficient! Their all-in-one package covers everything, and their business insights have helped shape our growth strategy. The team is fantastic, especially Zak who always goes the extra mile. To my fellow creatives: if you want your finances to be as well-designed as your products, Assuris Accountants are the perfect fit!
Zak is incredibly professional and knowledgable. He helps me and my partner with our individual and business tax accounting. I only moved to Australia 2 years ago, so the tax system here was very complicated for me at first -- Zak helped me navigate that with ease and made sure that I can get every dollar of tax refunded that I'm eligible for. He is laser-focused on growth and compliance. Zak is an expert in all things accounting and is professionally very encouraging as I build my career in a new country. Zak is also quick to respond to emails and happy to jump on a call when we have questions. He's our go-to, trusted advisor.
Zak and the team helped so much put my books in order ofr my tyre business. I loved their business insights package which help show opportunities to grow and manage costs. Gold star team!
We have a high volume ecommerce business that is doing well, Zak understood the space and the helped with various app integrators for shopify ebay and amazon explaining it simply. I can focus on my business knowing assuris fig looks after my tax accounting and payroll
As a health practitioner running a clinic means we really don’t have time to juggle tax compliance. Zak and the team at Assuris FIG really makes it easy, they sort everything out inclkuding payroll, great value and amazing service. Thank you
Wow, I had such a great experience their customer service was top-notch and they fixed up my issues in no time. I was really impressed with how quickly they handled everything. Overall, it was a fantastic experience and I highly recommend their services
He is very professional and always available on phone to help you out. He is really good, reliable and punctual in his work. He provides affordable service. Highly recommended....
They are very knowledgeable in tax and accounting. Very helpful , kind and professional. I’m very happy with the services I receive every time. would highly recommend their service to everyone.
Had an amazing experience, treated me really well and helped me with all my needs and services, I recommend him for all your needs, amazing service 10/10!
Mon Dieu! Taxes used to make me feel like I was lost in a cave of numbers. But the team at Assuris? They're like a bright light guiding me through! Their service is, how you say, 'tout compris' - everything included. They make it so easy, thank you
In the fast-paced world of franchise fast food, having reliable accountants is crucial. Assuris FIG has been our financial co-pilot from day one! Their all-in-one service and fixed monthly fee have been perfect for our cash flow. The business insights they provide have been invaluable for our investors. Huge shoutout to Zak for always being available.
Owning an eco-friendly business, I wanted accountants who shared my values. Assuris FIG exceeded my expectations! Their paperless system aligns perfectly with our ethos. The payroll service is efficient, and their business insights have helped us grow sustainably. Just what we need, give them a go
Expanding my coffee shop business was exciting but financially daunting. Assuris Accounting has been a partner for success! Their comprehensive service and business insights have been crucial for our growth. The fixed monthly fee is perfect for budgeting. I just love these guys.
Staying on top my agency and keeping track of my finances was a nightmare until I found Assuris FIG Accounting. Their service is worth every penny! They've made tax compliance a breeze, and their insights have helped me price my services better. The team is super approachable and cool
Having a trades business with employees going from site to site keeps you on the pump. Assuris FIG keeps all my finances nuce and tidy, good value great support. Thanks
Running a pizza and pasta restaurant is very busy. No time for numbers. Assuris FIG makes it easy. They do all work, I just cook. Pay same every month, very good for planning. Zack is very kind, explain everything simple. If you busy with business like me, Assuris Accountants are very good choice. Recommend
Before Assuris FIG, I deal with many tax agents and bookkeepers more stressful than leg day. Now these guys do everything for my 4 gyms tax, bookkeeping and payroll. Zacc help me grow membership with consults on how to price and promote. keep up great work.
I was struggling with managing my finances alongside creating my jewelry and running an ecommerce business. Assuris FIG has been a game-changer for me. They takes care of everything, allowing me to focus on my craft. The business insights they provide have helped me make smarter decisions for growth. I've recommended them to my family and friends without hesitation. If you're looking for accountants who truly care about your business success, highly recommend Assuris FIG
My auto mechanic business is busy, and doin the books never happens. Assuris FIG has been a godsend. Their bookkeeping service fits right in with how I like to run things - no fuss, They're always there when I need them, especially sorting out apprentice rebate. Zak on their team is a legend, always up for a chat and explaining things in plain English. give Assuris FIG a go, Highly recommended
Ay, manejar los números no es mi fuerte, you know? But Assuris Accounting make it so easy! They do all the complicated stuff, and I just bake my cakes. The payroll service is fantastic - my employees always get paid on time. And Zak from their team? He's un angel! Always patient with my questions. If you're like me and numbers give you a headache, trust me, call them!
As an IT consultant, I appreciate efficiency and expertise. Assuris FIG Accounting delivers both in spades. Their business insights have been instrumental in my company's growth. The fixed monthly fee via direct debit is convenient and helps with cash flow management. I've had the pleasure of working with Zak, who is both knowledgeable and approachable. If you want to focus on your core business while having peace of mind about your finances, Assuris FIG is the way to go.
Running a barber shop is crazy busy, and I used to stress about taxes and stuff. AssurisFIG made it all chill. They do everything for me, and I just pay a fixed price each month. No surprises, which is dope when you're trying to budget. Shoutout to Zak in their team - he's always got my back. If you're hustling with your own biz, these guys are the real deal. Get on board!
As a small business owner, I was drowning in paperwork and tax worries. Assuris FIG saved the day! Their all-in-one compliance package is a lifesaver. I love how they handle everything, giving me more time to focus on my passion - fashion. The team is super friendly too who always explains things in a way I can understand. If you're a small business owner feeling overwhelmed, don't hesitate to give the team at Assuris a call!
The team at Assuris are knowledgeable and super helpful. They helped me prepare for next tax season to maximise my deductions. Great support and amazing value! Thank you.
The team at assuris FIG are knowledgeable and helpful. They really listened to what I need and made it happen in a easy way for me. The service is great value. I highly recommend!
A great deal of gratitude to the assuris FIG team, particularly Zak, who's been nothing short of fantastic. The team has done a fabulous job in helping us with Tax Planning and Business Strategy, and taking care of all of our Business Tax needs. I absolutely recommend these guys!
Assuris FIG Accounting are simply amazing. Always provide myself and my business with high end quality service. Friendly and professional and have always provided the best advice for me to run my business. Highly recommended.
Since teaming up with Zak for our accounting services he has gone above and beyond for our business. Taking the time to structure and personalise our accounting platform to our business needs which has made everything really easy. Professional, Reliable and trusting I would highly recommend Zak to any business. Thank you.
Professional and down to earth, Zak helped me set up a tax effective business structure, and patiently explained every question I had. I highly recommend. He is flexible with his hours and parking is convenient.
Really grateful for his help and patience! Zak really took the time to go through everything with me and explained the parts where I had questions. Tax return done without any complications. I will recommend him to all my family, friends and colleagues. Thank you Zak!
Thank you Zak for your service, I liked the follow up, I'm very happy I changed over to you I will definitely recommend you to my friends and family. Thank you.
I use Zak for my personal tax returns and for the business. I am extremely happy with the service he provides. Zak is professional, punctual and responsive. I highly recommend using this accountant.
If you earn income from providing a personal service, check PSI rules.
If your business is structured as a partnership, there are certain obligations you need to meet.
For instance, the income of the partnership needs to be reported on a partnership tax return and each partner must lodge an individual tax return.
It's important to understand the business structure and how it affects the way taxes are paid and expenses are claimed. Net income from the business should be reported on both the partnership’s and partners’ individual tax returns. Any assessable income is also required to be reported in both sets of tax returns.
Understanding the obligations you need to meet when running a business as a partnership can help ensure that all parties remain compliant with their tax obligations.
A suitable partner is a fundamental prerequisite in any joint endeavor.
Deciding on a partnership is an important step for any business. It’s essential to consider the business structure and needs when taking this decision.
A general partnership can be perfect for some small businesses in Australia, however, selecting the right partner is key.
For many, this may not be an ideal choice due to each partner being equally responsible for the management of the business, and having unlimited liability for the debts and obligations the partnership may incur.
There are many business structure options available in Australia that may be better suited, like a company or a family trust. There are also different types of partnerships to consider, if that is the direction taken, each with different service requirements and lodgment conditions.
Therefore, it’s important to consider all the factors involved before committing to a partnership.
CPA Business Tax Accountants Preparing your Partnership Tax Return
